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Chapter 2: Penang's Macroeconomic Performance

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Chapter 2: Penang's Macroeconomic Performance Penang Economic and Development Report 2017/2018 22 Penang’s Macroeconomic 22 Performance 2.1 Output performance down from 8.7% in 2016 to 6.2% in 2017, it still exceeded the national average (1%) (Figure 2.2). The Penang’s economy has been growing at an average manufacturing and services sectors have been the rate of 5.6% over the past seven years (Figure main contributors to Penang’s GDP over the past 2.1). The state’s GDP growth slowed down by 0.3 seven years. In fact, Penang’s economic structure percentage point to 5.3% in 2017, mainly due to is mainly manufacturing- and services-oriented. In the negative 10.1% growth rate in the construction 2017, the services sector accounted for 49.3% of sector. Agricultural and manufacturing sectors GDP, while 44.8% was from the manufacturing sector registered the higher growth rates at 2.2% and 5.7%, (Table 2.1). However, the agricultural (2%), mining respectively, in 2017 compared to 2016, while the and quarrying (0.1%), and construction (2.6%) services sector remained at 5.6%. Although growth sectors were less significant, altogether accounting in Penang’s mining and quarrying sector had slowed for only 4.7% of Penang’s GDP. Figure 2.1 GDP growth in Malaysia and Penang, 2011–17 (at constant 2010 prices) 9.0 8.0 8.0 7.0 6.0 5.9 6.0 5.4 5.6 5.5 5.4 5.3 5.3 5.1 5.0 5.0 4.5 4.7 4.2 4.0 Percentage 3.0 2.0 1.0 0.0 2011 2012 2013 2014 2015 2016 2017 Malaysia Penang Source: Department of Statistics, Malaysia. Figure 2.2 GDP growth rate by sector in Penang, 2016–17 (at constant 2010 prices) Source: Department of Statistics, Malaysia. 23 Penang Economic and Development Report 2017/2018 Table 2.1 Percentage share of economic activity to Penang’s GDP, 2010–17 (at constant 2010 prices) Economic activity 2010 2011 2012 2013 2014 2015 2016 2017 Agriculture 2.4 2.4 2.4 2.4 2.3 2.2 2.0 2.0 Mining and quarrying 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 Manufacturing 45.9 45.2 43.9 43.5 44.1 44.7 44.6 44.8 Construction 2.8 2.8 3.3 3.1 3.2 3.0 3.1 2.6 Services 48.3 48.9 49.6 50.2 49.5 49.1 49.2 49.3 Note: Total may not add up due to rounding and exclusion of import duties component. Source: Department of Statistics, Malaysia. In 2017, Penang contributed 12.9% to the country’s and poverty reduction through linkages with the manufacturing revenue of RM269.8 billion, second manufacturing sector and connecting the poor along after Selangor (29.4%). The sector is dominated the agri-supply chain. The share of the agriculture by E&E products. Penang’s manufacturing sector sector in Penang’s GDP dropped from 2.4% in 2010 recorded better growth in 2017 compared to 2016, to 2.0% in 2017. This was associated with a decrease which could be partly due to a huge increase in in overall agricultural land use. approved manufacturing investments from RM4.3 billion in 2016 to RM10.8 billion in 2017, as well The mining and quarrying sector’s share in Penang’s as the improved global economy. Meanwhile, the GDP constituted less than 1% in 2017; this has services sector held steady at 5.6%, driven mainly not changed significantly since 2010. Similarly, by the wholesale and retail trade, food and beverage the contribution of the construction industry to and accommodation; utilities, transportation and Penang’s GDP has been almost consistently low. storage; and information and communication This sector recorded a significant decrease of 10.1% sub-sectors. Over the years, the services sector in 2017, mainly due to the contraction in residential, has experienced slight growth as a proportion of non-residential, and special trade activities. state output, while the manufacturing sector has had a slight gradual decline. Indeed, the services Penang’s GDP per capita registered a growth rate sector has overtaken manufacturing’s slow growth, of 5.3% in 2017, reaching RM49,873 compared indicating the growth of shared services and to RM47,345 in 2016. This suggests the strong outsourcing (SSO) activities in Penang. likelihood of more goods and services that are available to consumers – and that consumers are in Considering Penang’s highly industrialised nature a better position to buy them, as the GDP per capita and limited land size, the agriculture sector is the most widely used measure of standard of contributes very little to Penang’s GDP. However, living. Penang was ranked third in GDP per capita in this sector plays an important role in overall growth 2017, after Kuala Lumpur and Labuan (Figure 2.3). Figure 2.3 GDP per capita and GDP growth rate by state, 2016–17 (current prices) W.P. Kuala Lumpur 9.6% W.P. Labuan 6.6% Pulau Pinang 5.3% Sarawak 11.2% Selangor 7.7% Melaka 11.2% Negeri Sembilan 8.0% 2017 Pahang 9.6% 2016 Johor 7.4% Terengganu 7.6% Perak 7.1% Sabah 13.7% Perlis 4.0% Kedah 6.1% Kelantan 6.1% 0 20,000 40,000 60,000 80,000 100,000 120,000 RM Source: Authors’ own calculations; data from Department of Statistics, Malaysia. Penang Economic and Development Report 2017/2018 24 Being an open economy and a main hub for exports, and sound recording and reproducing apparatus; Penang’s economy is positively affected by the electrical machinery, apparatus, and appliances; improvements in the global and domestic economies. and road vehicles. This reveals that Penang’s Furthermore, the elimination of the GST in June 2018 external trade is still highly driven by the E&E and the reintroduction of the SST in September 2018 industry, which is a leading industry in Penang’s are expected to create more disposable income manufacturing sector. In fact, this industry has which, in turn, may boost consumer spending and benefited from growing global demand in the usage business activities. Going forward, Penang’s GDP of mobile devices (smartphones, tablets), storage growth is expected to remain favourable. devices (cloud computing, data centres, personal data drives), optoelectronics (photonics, fibre 2.2 External trade performance optics, light-emitting diodes (LEDs)) and embedded technology (integrated circuits, printed circuit Penang’s total volume of external trade had boards, LEDs). dramatically increased by 19.5% in 2017, mainly driven by improved global demand and robust For the first two months of 2018, Penang’s trade domestic activities. As presented in Figure 2.4, registered an additional surplus of about RM9 billion Penang’s exports, imports, and trade surpluses had over the same period in 2017, with export and import increased by 20.7%, 18.2%, and 36.3%, respectively, in growths of 32.5% and 5.2%, respectively. Machinery 2017 compared to 2016. The increase was the result and transport equipment remained the largest of positive growth in all major import and export exported (71.9%) and imported (66.3%) commodity commodities, with miscellaneous transactions in the first two months of 2018. and commodities recording the highest export and import growth rates of 158.9% and 35.4%, The North Butterworth Cargo Terminal and Bayan respectively (Table 2.2). The trade surplus increased Lepas air cargo are two important gateways for dramatically by about 50% in the final five months trade in Malaysia. In 2017, the North Butterworth of 2017 compared to January–July 2017. It also Cargo Terminal recorded the third-highest trade registered an additional surplus of about RM7.5 value among the major seaports in Malaysia, after billion over the same period in 2016. This was mainly Port Klang and Pasir Gudang in Johor. The export attributed to the growth in export value as a result of and import values gathered at this port were a stronger Ringgit. approximately RM50.7 billion and RM39.6 billion, respectively, an increase of 12.7% and 21.3% in 2017 In 2017, machinery and transport equipment compared to 2016. In the first four months of 2018, accounted for a significant share of Penang’s the port’s exports value dropped by 0.2%, while total gross exports and imports at 69% and 65.4%, the value of its imports grew by 1.5% compared to respectively. These include general industrial the same period in 2017. The Bayan Lepas airport machinery and equipment; office machines and is ranked number one among all air cargos in automatic data processing; telecommunications Malaysia by trade value. Its exports and imports Figure 2.4 Monthly export, import, and balance of trade, Penang, January 2016–February 2018 30,000 9,000 8,000 25,000 7,000 20,000 6,000 n n 5,000 15,000 4,000 RM millio 10,000 3,000 RM millio 2,000 5,000 1,000 0 0 t t r r r r y v y v c c b g b g b Jul Jul Oc Oc Ap Ap Fe Fe Fe Jan Jan Jan Jun Jun Sep Sep De De Au Au Ma No Ma No Ma Ma 2016 2017 2018 Export Import BoT Source: Department of Statistics, Malaysia. 25 Penang Economic and Development Report 2017/2018 Table 2.2 External trade, Penang, 2016–17 2016 2017 External trade RM million % Change RM million % Change Gross exports 193,444 2.1 233,493 20.7 Machinery and transport equipment 137,468 0.3 161,453 17.4 Miscellaneous manufactured articles 32,976 6.3 42,400 28.6 Chemicals 7,382 14.3 9,036 22.4 Manufactured goods 7,880 -0.8 8,702 10.4 Crude materials, inedible 2,675 7.9 4,411 64.9 Miscellaneous transactions and commodities 1,265 58.4 3,277 158.9 Gross imports 166,250 6.3 196,427 18.2 Machinery and transport equipment 109,321 8.1 128,473 17.5 Manufactured goods 12,029 3.7 13,319 10.7 Miscellaneous manufactured articles 12,065 11.2 13,224 9.6 Chemicals 9,734 9.4 11,526 18.4 Miscellaneous transactions and commodities 7,144 1.5 9,669 35.4 Food 7,052 2.8 7,449 5.6 Total trade 359,694 4.0 429,920 19.5 Trade balance 27,194 -17.7 37,065 36.3 Source: Department of Statistics, Malaysia.
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